Many people prefer to pay with Dogecoin because it is cheaper than Bitcoin, its transaction fees are lower, and its supply is unlimited. Cuban believes that it would be better if the players on his basketball team received US dollars and decided whether to convert them into cryptocurrencies.
Renowned billionaire Mark Cuban recently explained why many people pay with Dogecoin (DOGE) rather than with Bitcoin.
The owner of the Dallas Mavericks has long expressed his support for Dogecoin as a payment method. Fans of the basketball team can purchase tickets and merchandise with the meme cryptocurrency on their website. However, Cuban said that payments with Bitcoin have not provided him with as much income as those with Dogecoin.
Mark Cuban noted that Bitcoin is a highly appreciating asset, so people are less likely to pay with it. He argued that they prefer to store their coins to generate future profits.
The businessman expressed that he has never told anyone that Dogecoin is a high investment. He only explained that he considers it a great way to understand cryptocurrencies and invest in them.
These Are the Reasons to Pay with Dogecoin
The Dallas Mavericks team has benefited from the support from Cuban for payments with Dogecoin. The billionaire stated that trades with the cryptocurrency meme increased by around 550% in the first month. Besides, he said that there had been great sales through DOGE as people are more willing to pay with it.
Cuban considers Bitcoin a store of value, while Dogecoin is a short-term investment for most cryptocurrency users.
Ordinary people find paying with Dogecoin easier than paying with Bitcoin since the former is cheaper. Besides, the low transaction fees and unlimited supply make it a less complex payment method than the pioneering cryptocurrency.
Dogecoin is trading at around USD 0.2495 while its market capitalization is approximately USD 33 billion, according to CoinGecko.
NBA Teams Receive their Salaries in Cryptocurrencies
Concerning his opinion about paying salaries to the players of his basketball team with Bitcoin, Cuban said that he had no problems. However, the businessman added that it would be better if they received US dollars and decided whether to convert them into cryptocurrencies or not.
The billionaire spoke about his investment in Dogecoin, saying that he had increased his holdings to USD 1,500. At the beginning of the year, he received strong criticism because he only had USD 500 worth of DOGE. In that sense, Cuban expressed that he never told anyone that he had made a high investment.
Mark Cuban believes that investing in Dogecoin is a positive way to understand the cryptocurrency market better. He clarified that he had only bought the meme cryptocurrency for fun. The billionaire said it was a better investment than a lottery ticket if someone wants to hit a home run.
The businessman has already expressed his interest in betting on the cryptocurrency meme on other occasions. He said in August that he and his 11-year-old son owned Dogecoin, Bitcoin, and various altcoins like Ether.
By Alexander Salazar